Jackson's on George building hopes to draw investors with city square plan

Potential buyers of the four-storey building tenanted by all-night Sydney drinking hole Jackson's on George are being enticed with the prospect of being part of a proposed new city square in the heart of the Sydney CBD.

The bar occupies the entire 485-square-metre site at 174 to 176a George Street in the Sydney CBD and is opposite the Four Seasons Hotel. It has occupied the site since 1987 and trades 24/7 except on Christmas and Good Friday.

The square, known as “APDG block”, is bordered by Alfred, Pitt, Dalley and George streets.

Under the proposal, the Rugby Club directly behind Jacksons on George would be turned into Rugby Lane, a pedestrian laneway with opportunities for alfresco dining and “other night-time activities”.

It is being sold by well-known Sydney publican Chris Crawley, managing director of Marsico Holdings, who will use the cash to expand elsewhere.

Crawley, who recently closed his Jordons Seafood Restaurant at Darling Harbour, told the Fairfax press he would retain the Jacksons on George licence and premises until the new owner redeveloped the site

The building – constructed in 1975 – last changed hands for $14.5 million in 1989.

According to the investment report, the bar brings in income of about $1.5 million annually.

The property is being sold by Stephen Kovacs and Vince Kernahan from Colliers.

Kovacs says the building’s strong selling points are its prime George Street location, long-term lease and future development potential.

“There is the potential uplift from the redevelopment of surrounding properties and the possible inclusion of the subject property in one of the developments,” Kovacs says.

In addition, he says its value will be enhanced if the council proceeds with its vision of a new city square and a light rail line along George Street.

The building is being sold by expressions of interest closing on September 8.